Dogecoin price analysis for May 29, 2022, comes on a sluggish note for the token with increased chances of holding the $0.08 price in the next 24 hours. Furthermore, as noted in our DOGE price analysis for May 28, 2022, the chances of DOGE breaking above the important $0.09 price resistance were quite low, and a similar trend for the meme coin continues currently as well. We can see that the resistance zone beyond $0.09 remains and in order for DOGE to break into an uptrend, it needs to breach $0.1 in the near future.
The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 62.28% in the last 24 hours, followed by a 6.85% surge in the market cap. Moreover, the Market Dominance of the coin rose to 0.92%, while the Volume / Market Cap Ratio has a value of 0.1192.
The daily candle for Dogecoin opened at a price of $0.0815 and reached a daily high of $0.0834. Furthermore, the daily low for the coin stands at a price of $0.0808, and the price of 1 DOGE at the time of writing is $0.0828.
Dogecoin price analysis on the daily chart for May 29
Dogecoin price analysis on the daily chart for May 29, 2022, will consider the data presented by 3 major indicators on the daily chart below.
The RSI indicator reads a value below 35 which means that the bears continue to fight the bulls to maintain dominance.
The MACD indicator shows that the MACD line is moving away from the signal line while the MACD histogram remains bullish since $0.08 remains strong support.
The price action for Dogecoin is situated in the lower end of the Bollinger Bands and there are considerable chances of increased volatility in the near future.
Dogecoin price analysis for May 29, 2022, ends on a sluggish note for the meme coin with considerable chances of retaining $0.08.